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A rare BMW M1 with exceptionally low mileage is set to break records when it goes up for auction next month. The Bavarian supercar is one of just 450 examples made. It has only 424 miles on the clock after decades in storage, putting it in prime position to draw heavy bidding.

The legendary M1 was the first vehicle made by the M division and brought together some of the biggest names in the business. The chassis was designed by Dallara, the body by Giorgetto Giugiaro, and development was carried out (at least initially) by Lamborghini. It was the first mid-engined supercar BMW made. The original idea was to homologate the M1 for racing. But when the FIA changed the rules, BMW started the Procar series that put F1 drivers behind the wheel of racing-spec versions of the M1 ahead of the European grands prix. That put BMW and its M division on the map, earning the M1 a special place in the history books.

BMW only made 450 examples, of which 399 were road-going versions like the one you see here. And it's a gem, to be sure. Chassis number WBS59910004301426 was delivered new in Arctic white with black checkered upholstery to a dealer in Italy, which never sold it. A broker in Pennsylvania acquired it for baseball legend Pete Rose, who never took delivery. And so it sat in the dealer's warehouse for over three decades. A friend finally managed to convince that US dealer to part with it. And after replacing a handful of soft components (with only original parts, of course), the current owner is now putting it up for sale at RM Sotheby's upcoming auction in New York.

Given the pristine condition of this particular example and its low mileage, the auctioneers expect it will fetch between $800,000 and $1 million. That could stand to make this the most expensive M1 ever sold. According to Sports Car Market, the current record for an M1 stands at $854,000 paid in 2011 for a racing-spec Procar with livery designed by Frank Stella. The most ever paid for a road-going example, however, rests at $605k. This example, then, stands not only to obliterate the M1 auction records, but elevate the iconic supercar into 507 (and even 328) territory among the most valuable BMWs ever made.

The familiar propeller-inspired badges and the dual grille cutouts denote a celebrated German manufacturer, but the aesthetic lines of the wedge-shaped body are indubitably Italian. An eradicator of stereotypes that achieved so much more, the M1 was the first automobile in BMW's legendary M-Class line and remains the company's sole mid-engine supercar to date.

BMW's interest in defeating rival Porsche at the races led the company to abandon the modified 3.5-liter CSi coupes it had been campaigning, which had delivered competitive if unspectacular results. As the thinking went, by engineering a race-purpose mid-engine car from the ground up and then de-tuning it for road use to meet homologation requirements, the company could build a race winner from a philosophically different direction.

BMW Motorsports was responsible for tuning the M88 inline six-cylinder engine, but manufacturing the chassis and running gear of such a project was too formidable for the company's production lines. Therefore, the design and build of the chassis and body were farmed out to Italian concerns, helping to ensure race-worthy performance and aerodynamic flair.

With Lamborghini contributing to early development, the chassis was designed by the great Gian Paolo Dallara, the Indy Car builder who was responsible for legends like the Miura and Countach. The dynamic body, appearing at the height of the wedge styling movement in automotive design, was penned by the influential Giorgetto Giugiaro, and it undoubtedly resembles his great designs for the Lotus Esprit and the DeLorean. Preliminary construction was executed in Italy, with the final assembly and fitting of the engines supervised by Baur in Germany.

Intended to be a disruptive force to the Group 4 and 5 racing pursuits of Porsche, the M1 never fulfilled its production mandate, as the FIA changed the formula to render the model ineligible for competition. Not to be completely undone, BMW reached an agreement with Formula One's sanctioning body to create a new junior series of racing featuring M1 cars only. The so-called Procar series was staged before each European grand prix and featured the same team drivers that would participate in the F1 race to follow.

While other manufacturers fumed over this marketing coup, a clamorous disruption in itself, BMW gained publicity and the M1 earned added cachet. That cachet multiplied even further at the 1979 24 Hours of Le Mans when BMW entered an M1 with bodywork painted by pop artist Andy Warhol. Still in the company's collection, the early entry in BMW's Art Car series finished 6th overall and second in class, and it has been pronounced by top BMW executives as "the company's most valuable car."

With performance times comparable to, or better than, the day's fastest Ferraris and Porsches, the M1 was manufactured in a limited quantity of approximately just 450 total examples over three years (with just 399 cars specified for road use), giving the model a genuine rarity to add to its other superlative attributes. As a disruptive force, it revolutionized BMW's approach to motorsports and remains the only true mid-engine exotic supercar in the company's storied history.

M1 NUMBER 4301426

Chassis number 4301426 is undoubtedly one of the most original M1 examples in existence. Initially unsold from a European dealer, the BMW sat in an American warehouse for over three decades before being acquired by the consignor. One of the later cars produced of the 450 examples made, this M1 was handsomely finished at the factory in Arctic White paint and black-checkered cloth upholstery, and it was initially delivered to BMW Italia S.p.A., Palazzolo, where it remained unsold.

Enter Don Rosen, a longtime Pennsylvania-based BMW dealer and authority on collectable automobiles who advised a number of celebrity clients, including Major League Baseball All-Star Pete Rose. Late in the M1's production run, the legendary slugger approached Rosen to inquire about the possibility of buying one of BMW's supercars. Always delighted to help a friend, Rosen made inquiries far and wide, but all of the M1 examples imported to the United States had already been sold or earmarked for other customers.

Not to be deterred, Rosen used his considerable reach to contact BMW AG, the parent company in Munich. Told that no more cars were available from the factory, Rosen persuaded the manufacturer to check with all of its European distributors, and sure enough, one car remained unsold in Italy. Thrilled that he was able to master such a coup de grâce, Rosen immediately arranged for a purchase and legally imported the car to the United States.

As the story goes, Rosen was far from pleased when he then learned that the baseball player had already located a different M1 through his own channels and had purchased it three weeks prior without telling the dealer. Rose no longer wanted the car. And so, the low-mileage, as-yet-unused M1 sat on the showroom floor for some time before being stored in one of Rosen's warehouses, where it remained until 2015.

A longtime acquaintance of Rosen, the consignor had been begging the dealer for 25 years to sell him the M1, and he finally relented. Since the purchase, the BMW has been treated to a sympathetic freshening intended to facilitate good running condition. Numerous ancillary soft parts were replaced for freshness, and all replacement pieces were sourced directly from BMW AG to ensure the utmost originality and authenticity.

Currently displaying approximately 682 kilometers, this M1 is almost assuredly one of the most original and low-mileage examples in the world. It still features its original drivetrain and gently aged cosmetic livery, and it would make a splendid entry to modern preservation-class competition. Or the next caretaker may appreciate the M1's cutting-edge style and brisk performance, which in combination with its unique pedigree make it a preeminent BMW—one of the most significant and mold-shattering automobiles that the company has ever built.

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